Geithner says U.S. could hit debt limit by March 31

i would love to be the government, keep spending and keep borrowing to pay off my debts infinitely. i could own every piece of property in new york in about 10 years.

now i know where american express and visa gets their ideas from, you reach your limit and they increase it so you can spend more and not default.

since you can use the cash back feature to withdraw money and pay your minimum payment this cycle can go on indefinitely until the lender runs out of money. the united states government is bankrupting itself. it won't have money to pay for simple services.

but since congress constitutionally has the power to coin money it can make sure the piggy bank is flush with cash to lend itself. the debt is actually an illusion and only serves to keep inflation down.

The system is broke worldwide.

Originally posted by wavemaker
This is nonsense. The Fed can always print money even without the authorization or knowledge of Congress and voila, the US has money again.

There can be no default in payment unless the Fed runs out of ink to print money.

Thats not the way the system works.

The US Government borrows money from the Federal Reserve. The FRS is the primary debtholder of the US Government.

The FRS isn't in danger of default, the US Government is.

Well, as far as I am concerned the US will raise the ceiling, I see no reason for them not to. one side will simply get some bargains out of the others, perhaps Obamacare will take the hit (not that I am making a prediction) to gain support for a raise in the ceiling..

Tho, I really do get the feeling that at some point this nonsense has to stop..

I also think the vote will be to raise the ceiling. There will be much posturing by each party and then the usual "we decided to do this for the good of the country". I also agree with Rand Paul about approving a higher debt ceiling if tied in with a balanced budget. I know politicians are full of it, but there has been a lot of talk lately about realistic budget cuts in everything from the house budget to defense. The NY Times had a puzzle a few months ago where you can attempt to balance the budget. While it's grossly simplified, I was floored by how a few seemingly minror tweaks have huge impacts on reducing the deficit. Here's a link in case anyone's interested.

NY Times Budget Balancer

To be continued... Fox News ran this article yesterday:

Congressional legislation is required to increase the government's borrowing ability. Such bills periodically prompt showdowns in Congress, where many lawmakers in both parties cringe at having to cast votes that acknowledge the government is living beyond its means.

By contrast, the House has unilateral authority to cut its own spending, and GOP leaders chose a 5 percent reduction as a symbolic initial action by lawmakers on their first full day on the job.
The $35 million would be enough to keep the government running for about five minutes.
Republicans said there would be more to come - much more.

"We will carry out the most expansive reduction of discretionary spending in the history of our nation, said Rep. Hal Rogers of Kentucky, newly installed as chairman of the House Appropriations Committee.

The vote Thursday was a bipartisan 410-13.

Read more: House GOP Challenges Obama on Debt Limit

Hopefully this doesn't go into another filibuster where nothing gets accomplished and the worse happens.

Originally posted by MikeboydUS

Originally posted by wavemaker

The US Government borrows money from the Federal Reserve. The FRS is the primary debtholder of the US Government.

The FRS isn't in danger of default, the US Government is.

Yes but the Federal Reserve is managed by 24 banking institutions like the Bank of America. Could you explain this to me?

Originally posted by MikeboydUS
reply to post by EarthCitizen07

 

Not the IMF and the World Bank, but the BIS. They are top dog.

The fact that barely anyone on ATS knows anything about the BIS, tells me most people here don't do their homework and let Alex Jones tell them what he wants you to hear.

The Amero is dead. We are going straight into a Global Currency Unit and not 30 years from now, much much sooner, when the Euro and the Dollar collapse.

The BIS already has its assets in SDRs and all transactions between the central banks through the BIS are in SDRs. This makes the SDR already a de facto world currency. The BIS Financial Stability Board and the G-20 already comprise a de facto world government. Its here right now.

I have little doubt that the Bank of International Settlements is top dog since the Nights Templar put the foundations for this corrupt financial system many centuries ago, but the IMF and World Bank are the functioning arms of BIS.

Behind all these organisations...who runs the show? Masons, scientology, illuminati, rothschilds, rockefellors, bush, obama, japan, israel...??? I think I may know the answers but what difference does it make? Single-handely I can't change the world, can you? Who do you support? Why do you have weird signature?

Originally posted by MikeboydUS
I want to add both Ron and Rand Paul's words on the subject:

Ron declared that he is not in favor of raising the debt ceiling saying “I never voted for any of the spending, so why should I raise the debt for the people who’ve been spending the money? For me it’s a very comfortable vote.” Ron admitted if the debt limit isn’t increased it will cause problems, but thought that the alternative of continuing to borrow and spend endless money is much worse, and instead would rather face reality today.

The younger Paul dismissed Goolsbee’s warning and claimed since President Obama voted against raising the debt ceiling as a senator, “it’s a little disingenuous for [his] people to say ‘oh the sky is falling if we don’t do it.’” However, Rand is a bit more pragmatic than his father, suggesting “I’ll vote to raise the debt ceiling if we attach a balanced budget rule to it. If they say no more debt will be added and from here on out we’ll balance the budget, I’ll vote one time to raise the debt ceiling.”

www.mediaite.com...

Congressman Paul is right about the fact if we face the crisis today it will not be near as bad if we have to face it in the future.

Senator Paul has a more practical view of the issue, basically giving Washington one last chance to balance the budget. I personally agree with Rand on the issue, but if things fail it will be better to face the music now rather than later.

edit on 6/1/11 by MikeboydUS because: What!?

Ron Paul is one of those hidden snakes in the grass waitng for someone to step on it so it can pounce on you. People who have worked in his campaign have already spilled the beans here on ATS but I am not the one. He speaks a little truth here and there(which is a hell of a lot more than what most politicians do) but what good is that when he mixes it with the wrong solutions?

He kept saying AUDIT THE FED when he should have been saying TERMINATE THE FED! Second his "solution" to the FED is the austrian school of economics with reinstating gold and silver backed currencies eventhough it has been said again and again there is not enough gold and silver to account for all the currency in circulation. Third a fiat currency WITH NO BACKING would suffice as all the unbacked fiat currencies, which are too many to list, have already proved that. Its all based on goodwill and prior agreement of what legal tender should be! If the government says a computer joystick will the next 100 dollar bill and everyone agress then the computer joystick is the new 100 dollar bill. A computer screen could be the next 50 dollar bill and everyone agrees therefore the computer screen is the next 50 bill. Get it? ITS #IN SIMPLE...people are braindead galore it seems...

Some people even went as far as to say, and I think Ron Paul was one of them, don't gid rid of the FED...just allow for multiple PRIVATE CURRENCIES to provide sufficient competition. That is definitely the wrong answer because consolidation will happen when one currency becomes stronger than the other currencies and puts them out of service. Not only that but it would make business transactions MASSIVELY CONFUSIVE and setback humanity for a very long time.

Ron Paul and Sarah Palin are BAD NEWS for america. Much worse than Obama and Bush could ever be. Its better to be a total idiot than a half-wit who thinks he/she knows everything and prescribes the wrong medication.

Originally posted by sonofliberty1776

Originally posted by MikeboydUS

I have to ask those who are against raising the debt ceiling:

Are you ready?

Unless you are prepared for the crisis, I would not be quick to invite it.

edit on 6/1/11 by MikeboydUS because: r

Yes, it is past time to begin setting things straight. There will be pain, there will be blood. Waiting will only make things worse.

1000% wrong answer! You don't make something better by making it worse. Once the US Government officially declares bankruptcy by not extending its credit line..its game..set..match. BIS will step in with the world bank and IMF to implement either the AMERO or the SDR if europe goes down relatively soon as well.

The whole idea is to stop the nwo/illuminati from fullfilling their global dictatorship by preventing "order out of chaos" aka "problem, reaction, solution" strategy. The debt is the "problem", the established reaction is "let the system fail so we can start from scratch" and the solution will be A GLOBAL DICTATORSHIP. Your falling into their hands without even realising it? I hope your just misguided and not a disinfo agent...but with the looks of your other posts "america is becoming a socialist state" it looks the second is more probable! Yeah america bailing out corporations but not sharing in any profits is as socialist as a human with one butt cheek! Give me a break.

A government by the people for the people means socialism. Socialism means both private and public property rights are respected and run by the government as the go-between. In capitalism everything is private and in communism everything is public. Do you want everything private INCLUDING THE GOVERNMENT because that is what we got going today...yes the american government, the federal reserve, the fbi, the cia, the nsa, nasa, every government "agency" is private...in the form of a corporation!

From the Delaware, Department of State, Division of Corpporations registry the following can be found:

THIS IS NOT A STATEMENT OF GOOD STANDING

File Number: 2193946 Incorporation Date / Formation Date: 04/19/1989
(mm/dd/yyyy)
Entity Name: UNITED STATES OF AMERICA, INC.
Entity Kind: CORPORATION Entity Type: NON-PROFIT OR RELIGIOUS
Residency: DOMESTIC State: DE

REGISTERED AGENT INFORMATION

Name: THE COMPANY CORPORATION
Address: 2711 CENTERVILLE ROAD SUITE 400
City: WILMINGTON County: NEW CASTLE
State: DE Postal Code: 19808
Phone: (302)636-5440
------------------------------------------------------------------------------

PS-CHECK IT OUT FOR YOURSELF IF YOU DON'T BELIEVE ME! So much for your "socialism" crap...